New Year trading wants to be a little bit of everything.

The overnight test of this morning's 2066.00 bias-up target set a high bar for resuming the rally post-open. The 2059.25 bias-up signal's support held its reaction down, and launched a retest of 2066.00 through the open.

But the premise remained unchanged, which we discussed during the pre-open Market Tour. Extending the corrective bounce would require an even greater effort than was made already overnight. 

Even the most bullish scenario would likely fill the gap back down to Wednesday's 2052.50 cash session close. And there's no reason for that not to include a fresh low.

In fact, the bias-up target's rejected has extended to also reject the 2059.25 bias-up signal. That's a synthetic bias-down signal, since it puts into play offsetting tests of both bias-down parameters.

2059.25 was overlapped within 3 minutes of the 10:15 bias timing window, invoking the grace period. It wasn't recovered by 10:30, so at least a test of the 2050.00 bias-down signal is in-play. Exiting the bias environment any lower at 11:30 would make the 2044.00 bias-down target become "unfinished business below."

And don't forget there's already a bigger target in-play at 2040.00.